Women take the lead in home buying plans
There's been a shift in gender trends in the Australian property market.
Westpac's annual Home Ownership Report has revealed women are more likely than men to be considering property ownership in the near future. Seventy-one percent of women said they'll be considering a range of housing actions over the next five years, versus 61% of men.
Women are more likely to be considering purchasing a home to live in, at 28% versus 20% of men. They are also more likely to consider an investment property purchase, at 16% versus 13%.
Women who already own a home are also considering making changes over the next five years, with 29% considering renovations versus 27% of men, and 17% considering selling their home, versus 14% of men.
The Westpac report also pointed to figures from the Australian Bureau of Statistics, which show 60% of women live in homes they own outright or are paying a mortgage on, versus 56% of men. More women also own their home outright, at 23% compared to 20% of men.
"It seems women are becoming savvier in the property market, and understand that home ownership can lead to greater financial security. Our research also suggests that women are outpacing men when it comes to property investment," Westpac head of women's markets Felicity Duffy said.
The survey also found that women were nearly twice as likely to place importance on a home's investment potential, with 35% of women saying this was an essential consideration compared to 18% of men.